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Financial innovation in the United States -- background, current and prospects

  • Alfred Broaddus
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    The purpose of this paper is to describe recent financial innovation in the United States, outline its principal implications with regard to (1) the structure and behavior of financial markets and (2) the conduct of monetary policy, and speculate on the likely character of further innovation in the near-term future. In the United States as elsewhere, financial innovation has been a continuous but uneven process, where the rate of innovation has varied substantially from one period to the next depending on a variety of circumstances.

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    File URL: http://www.richmondfed.org/publications/research/working_papers/1985/wp_85-2.cfm
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    Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 85-02.

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    Date of creation: 1985
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    Handle: RePEc:fip:fedrwp:85-02
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    1. William Poole, 1970. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Staff Studies 57, Board of Governors of the Federal Reserve System (U.S.).
    2. Ben-Horim, Moshe & Silber, William L., 1977. "Financial innovation : A linear programming approach," Journal of Banking & Finance, Elsevier, vol. 1(3), pages 277-296, November.
    3. F. Ward McCarthy, Jr., 1984. "The evolution of the bank regulatory structure : a reappraisal," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 3-21.
    4. Greenbaum, Stuart I & Haywood, C F, 1971. "Secular Change in the Financial Services Industry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 3(2), pages 571-89, May.
    5. Lyle E. Gramley, 1982. "Financial innovation and monetary policy," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 393-400.
    6. Niehans, Jurg, 1982. "Innovation in monetary policy : Challenge and response," Journal of Banking & Finance, Elsevier, vol. 6(1), pages 9-28, March.
    7. Edward J. Kane, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," NBER Working Papers 0638, National Bureau of Economic Research, Inc.
    8. Timothy Q. Cook & Jeremy G. Duffield, 1979. "Money market mutual funds : a reaction to government regulations or a lasting financial innovation?," Economic Review, Federal Reserve Bank of Richmond, issue Jul, pages 15-31.
    9. William A. Barnett & Paul A. Spindt & Edward Offenbacher, 1982. "Divisia monetary aggregates : compilation, data, and historical behavior," Staff Studies 116, Board of Governors of the Federal Reserve System (U.S.).
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